NEW YORK (Scrap Register): Gold’s technical posture on the charts remains constructive, said Lukman Otunuga, research analyst at FXTM.
The metal is modestly higher so far Thursday, helped by a softer U.S. dollar. With the greenback somewhat shaky and still struggling to gain ground, gold is likely to remain supported moving forward, Otunuga added.
Taking a look at the technical picture, the metal still fulfils the prerequisites of a bullish trend on the daily charts, analyst added.
There have been consistently higher highs and higher lows, while the MACD [moving average convergence/divergence] has crossed to the upside.
Bulls remain in control above $1,300 with a solid breakout, and a weekly close above $1,320 opening a path towards $1,333.